- Issues national currency and sets policy
- Supervises finance and promotes stability
Role and mandate of BCV
Banco de Cabo Verde (BCV) is the central bank of Cape Verde. It was founded on 29 September 1975. In 1993, it officially became the central bank. BCV has exclusive authority to issue the national currency, the Cape Verdean escudo. The bank also manages monetary and exchange rate policy. It operates independently from the government.
BCV manages the country’s foreign reserves. It oversees external payments and state transactions. It advises the government on financial regulation. The bank also monitors inflation, credit, and liquidity. It supervises the banking system and financial markets. This includes non-bank credit firms and insurance providers.
BCV is responsible for payment systems across the country. It collects and publishes national financial data. These statistics support policy and economic planning. BCV can request information from both public and private sectors. This helps ensure oversight and transparency in the financial system.
Also read: Unitel T+ telecom profile in Cape Verde
Also read: NOSi Cape Verde digital and innovation agency
Governance, reforms and innovation focus
In May 2025, the government approved a new BCV law. This reform was part of a deal with the IMF. The law boosts BCV’s governance and legal independence. It increases the bank’s capital base to one billion escudos. It also clarifies BCV’s role in financial stability. The bank may explore digital currency under this law.
BCV has shown growing interest in fintech development. In early 2025, it launched a survey on the sector. The goal was to better understand fintech growth. The bank aims to regulate digital services effectively. These include mobile payments and financial apps.
BCV also shared updated economic projections. It expects the economy to grow by 5.5% in 2025. Growth in 2026 may reach 5%. Inflation is expected to stay moderate. The bank’s dual focus is on stability and financial access. It supports inclusive growth and a resilient banking system.
